Thank you to the honourable Leader of the Opposition for his question. As the Reserve Bank Governor made really clear in late July, negative equity remains very limited. It affects less than one per cent of all borrowers, in the view of the RBA. The Reserve Bank Governor said:

… the most recent data suggest that, notwithstanding the price falls, negative equity remains very limited, affecting less than 1 per cent of borrowers.

We saw it again in the earnings data released by the Commonwealth Bank in August, which showed that just half a per cent of the Commonwealth Bank book was in negative equity. Just this week, the Commonwealth Bank's Executive General Manager of Home Buying Marcos Meneguzzi said that they had fewer customers in negative equity now than at the same time last year. He said:

We look at the book overall, and ... in the results we have, the number for the book overall, that number is still very low.

The negative equity was smaller than it was the same time last year.

This was at the AFR Property Summit.

I don't remember a peep from those opposite when negative equity was more than twice as high as it is now on their watch. In fact, I can't find them mentioning the phrase once in parliament in 2019 when that was the case. In April of 2019, the RBA reported just over two per cent of borrowers were in negative equity. This was because median dwelling prices fell by 4.3 per cent between 18 May and 19 May. Sydney values dropped more than 10 per cent and Melbourne values by almost 10 per cent over that year, according to CoreLogic, on their watch.

If they were being upfront here, they would acknowledge, as all of the experts have, that there are a number of factors playing out in the housing market. The RBA Assistant Governor said—